On Deck said it will use the capital raised today to fund additional growth, which includes new product development and getting the word out to more merchants about the company.

On Deck lends between $5,000 and $150,000 in short-term loans to small businesses, ranging from auto repair shops to bridal boutiques. It vows that the loan application process can take as little as 15 minutes because it uses technology on the back end to evaluate a company beyond its credit scores.

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